Tight Trading Ranges With An Upward Bias
POSTED BY PETE STOLCERS ON NOVEMBER 19
Posted Sunday 9:30 PM ET – The market wants to go higher the SPY is within striking distance of the all-time high. Seasonal strength and tax cut hopes will keep buyers engaged.
The news is light this week and the market is likely to trade in a tight range.
Any progress in the Senate on the tax bill will push the market higher on light volume.
Swing traders should be long calls. Use SPY $256.50 as your stop on a closing basis. If the SPY closes above $259, buy more calls.
Day traders should be passive this week. If you get an early dip, trade the bounce. Trading ranges will be tight.
Market commentary provided by OneOption, LLC a firm separate from and not affiliated with Regal Securities L.P. Regal Securities L.P. has not participated in the creation of the content, and does not explicitly or implicitly endorse the content